Husband unemployed, going broke

[Justalonelychick]

I'm in Australia. Husband was made redundant last year. He has only just now started to look for work and money ran out about a month ago. I work full time but don't earn enough to cover our mortgage. I've recently realised we were living above our means for a long time and have uncovered a huge amount of debt.
I suspect the bank will foreclose on our house soon. I have so much anger, I can't sleep. I can get a second job and try to save the house for our kids but I'm inclined to let it go, move me and the kids in with my parents and let him get on with whatever mid life crisis this is.
However, I assume this will destroy my credit rating. Would I ever be able to get a car or home loan again in the future? Could I even get a rental property?

Your husband has done the wrong thing here, but you don’t seen to be taking much responsibility either, beyond blaming every thing on him. You knew there was only one income, you knew it only just covered the mortgage and yet you only just realised you were “living above your means” and have not made it your business to find out what credit cards he has. Damn sure I would have as I am financially linked to my husband. I would have read him the riot act a very long time ago.

And now your reaction is to run away and let the bank foreclose? You need to face this, even if your lazy husband doesn’t, do this for you and the children, not for him. Selling the house is of course far better than having the bank repossess and yes of course it is going to impact you down the line assuming your name is on the mortgage, you can’t just walk away if you wanted to.

Your husband you can deal with later, for now I would prioritise tackling this mess.

My ex was out of work 3 years then had affair and got job, it was most excellent.

I'd kick him out, rent out the home and move in with parents for a bit to give you a breather and some time to think about what you want. That might spur him into real action, or end things, but currently this isn't a partnership, he isn't holding up his end of the bargain and will drag you down.

I'd try and get a rental now before your house is repossessed. Sorry you are going though this x

I've been through exactly this in Australia.

You have to call the bank and get a mortgage holiday due to financial hardship. They'll give you one.
Do this first thing Monday.

Then get the place ready to rent out. Rentals are a premium right now so it should be snapped up right away. If you don't have time or don't want to manage it yourself, negotiate the property management's rate.

Then move in with your parents for awhile. Drop the lazy one off at his mates or parents.

This will get things back on track with the house pretty fast.
Good luck!

For me it is more than just financial, all that sides been briliantly covered. I would be struggling with the loss of trust and loss of respect for him. Once they are gone it's hard to come back from.

Trust and resentment are now huge issues for me.
He is very secretive with him mobile and laptop. How can I investigate if he has a porn addiction? Gambling? Or something else.
I could just be freaking out as I desperately try to understand why, but I just feel like there's more going on still.

You don’t say where you are.

How many children do you have? If they shared a room and you moved into the spare, could you rent out your master suite? Nurse, fifo etc?

Big W has the Barefoot Investor for $19. Spend that money, have a long think about what you want and how to go about it and have a hard conversation with your husband.